Karnataka Bank has posted an all-time high annual consolidated net profit of ₹507.99 crore for 2021-22 over last year’s Rs. 482.46 crores.
Net profit for the fourth quarter ended March 2022 stood at ₹130.20 crore, as against a net profit of ₹31.36 crore for the same fourth quarter of FY 2020-21, registering a more than 4-fold increase in net profit, a release Said bank.
In the meeting of the Board of Directors held at Mangaluru here on Friday, the Board has approved the audited annual financial results for the period ending March 31, 2022 and a dividend of 40% to be approved in the ensuing Annual General Meeting. Also recommended. ,
The Bank’s business as on 31-03-2022 stood at ₹ 1,37,169.88 Crore, registering a YoY growth of 7.71% as compared to ₹ 1,27,348.19 Crore as on 31.03.2021. The bank’s deposits stood at ₹80,386.74 crore. Advances at ₹56,783.14 Crore with a YoY growth of 6.25% and 10.22% YoY. CASA deposits grew by 11.23 per cent and reached an all-time high of 32.97 per cent of total deposits on 31.03.2022 as compared to 31.49 per cent on 31.03.2021.
PCR (Provision Coverage Ratio) increased from 69.99% in March 2021 to 73.47%. The Bank’s CRAR (Capital to Risk Weighted Asset Ratio) under Basel III has touched a new high of 15.66% as against 14.85% on 31.03. 2021.
non performing assets [NPA] Moderated too. GNPA [Gross Non Performing Assets] 32,250.82 crore as on 31-03-2022 grew by 3.90% as compared to Rs 2,588.41 crore on 31-03-2021, which was 4.91%. Similarly, NNPA [Net Non Performing Assets] Rupee has also depreciated. 1,376.97 Cr, which is 2.42% from ₹ 1,645.05 Cr as on 31-03-2021, which is 3.19%.
The Bank’s priority sector advances accounted for 56.41% of the total advances as against the minimum target set by RBI at 40%.
MS Mahabaleshwar, Managing Director and CEO, Bank said, “The results are testimony to the hard work put in under the Parivartan Yatra. It is very satisfying to note an all-time high Net Profit of ₹507.99 Crore, CRAR of 15.66% and PCR of 73.47%. Similarly, CASA has also reached a new high of 32.97% resulting in further reduction in the cost of borrowing resources.